LIBERUM: DF Capital: Strong momentum carrying into FY 24

LIBERUM: DF Capital: Prudent guidance drives another upgrade

LIBERUM: DF Capital: A strong finish to the year

LIBERUM: DF Capital: Taking a prudent view on the refinancing of the major dealer

LIBERUM: DF Capital: H1 in line, capital secured to deliver an £800m loan book

LIBERUM: DF Capital: Back to basics: key reasons to own this Small Cap gem

LIBERUM: DF Capital: Strong H1 and evidence of traction in new verticals

LIBERUM: DF Capital* - Building a track record of delivery

LIBERUM: DF Capital* - Maiden full year profit achieved, strong momentum carried into Q1 23

DF Capital: Trading update underpins 2022 loan book forecast

Against a background of continued economic uncertainty, DF Capital has today published an encouraging trading update, demonstrating strong growth in new loan origination, loan balances and loan facilities. The company appears on course to achieve our 2022 forecast loan book growth of 80% to £449m. DF Capital will provide a full update in its interim results release scheduled for 20 September.

Poised for accelerated growth and profitability

DFCH has reported impressive results for 2021 against a challenging background of supply chain issues and macroeconomic uncertainty. The company has already updated the market on its strong start to 2022, with record originations in Q1 2022. Potential participation in the British Business Bank’s ENABLE scheme and/or the issue of Tier 2 capital should enable DFCH to achieve an £800m loan portfolio without the need for further equity issuance. We forecast substantial loan growth throughout

Capital review could create further loan book growth

Distribution Finance Capital Holdings plc (DFCH) has published a brief trading update ahead of its 2021 full-year results announcement on 13 April 2022. We summarise the key points from the trading update in this note and will review our forecasts for 2023 and 2024 following the results announcement. The company’s capital review announced today could lead to additional non-equity capital issuance that may support a loan book of up to £0.8bn.

Trading update – 2021 a transformational year

DFCH has published a trading update ahead of its December 2021 results publication in April. The update confirms that the operating model is proving highly effective. DFCH has had a record year for loan origination (£690m) and the 2021 loan book has more than doubled to around £250m, fully funded by retail deposits that stood at £295m at year-end 2021. Strong cost management and low arrears underpin our reduced pre-tax loss estimate of £4.1m. DFCH commented that whilst Covid-related supply chain

Arrowgrass sale removes stock overhang Top-4 shareholders’ stake down to 30.8% from 68.5%

Arrowgrass Master Fund Limited (AMFL) announced its intention after close of business on 9 December 2021 to sell up to 70,629,900 ordinary shares in Distribution Finance Capital Holdings plc (DFCH) at a price of 40p per placing share. The sale of AMFL’s entire stake (39.4% of DFCH’s issued share capital) was confirmed on Friday morning (10 December). The sell-down was consistent with DFCH’s announcement in October 2020 that AMFL’s investment management of DFCH would extend until year-end 2021. I

Doubling of the loan book confirmed Supply delays reduce year-end loan book estimates

Distribution Finance Capital Holdings (DFCH) announced yesterday that, due to supply chain delays, critical orders for some of its dealers will now arrive in January 2022. The loan book stood at £202m on 30 September, and DFCH has confirmed an increase to £243m as at 30 November, a doubling of the loan book since the start of the year. The company now expects the 2021 year-end loan book to be in the range of £250m to £275m, and we update our forecast to £260m. The Board expects to achieve monthl

LIBERUM: Plus500: Strategic progress pays dividends

Tatton Asset Management (TAM LN) - Record net inflows

Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

Morning Note – 18 April 2024

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

Initial Equity Trading Comments - 19 February 2024

M Winkworth+ (WINK, House Stock at 163p) - Solid FY23A results, well placed to grow

Foxtons Group - FY24 underpinned by market share gains

Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilis

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long

Hybridan Small Cap Feast - 16/04/2024

16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

AUM up 30% in FY24, record flows, forecasts raised

AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net